A new tweet by Andre Cronje revealed a sneak peek of the new lending and borrowing model that Yearn Finance will introduce.
At the moment, the developer works on integrating core lending money markets into the protocol. With the new addition, Yearn Finance would make another step towards encompassing all financial instruments.
In recent weeks we saw Andre Cronje taking an entirely different approach to the community. After months of receiving critics for not conducting his due diligence, the developer finally decided to share less and less.
Recently, we are only seeing screenshots from Cronje’s new work, without any further details or smart contracts.
Now, we have the same case with the developer revealing a new lending & borrowing feature for Yearn Finance.
Based on the screenshot, we can see that the new feature offers a simple and friendly user-interface with only two sections. Here, we see two sections through which users can either lend by supplying assets or borrow them from the protocol instead.
Without revealing too much, Cronje showed that the feature supports at least four tokens, including ETH, KP3R, LINK, and YFI.
At the top side of the interface, the website notes ‘This project is in beta. Use at your own risk.’ Therefore, it is highly possible that Cronje does not plan to launch his new feature anytime soon.
However, history has shown that he was keen on releasing new features and projects before they were even finished.
Will Andre Cronje use Chainlink for Lending?
Within the comments, the community naturally greeted the new feature with several questions regarding its concept. Under the Twitter post, we also saw several users questioning Cronje about his use of oracles.
After all, oracles are incredibly crucial for offering loans as all prices must remain accurate to avoid any liquidations.
Famous Crypto Twitter community member and Chainlink enthusiast ChainLinkGod asked Cronje about his oracle choice. Moreover, the user added that he hopes that the developer uses Chainlink Price feeds. If not, he fears that DeFi would have another Compound exploit.
As a reminder, Defiye reported yesterday of a huge liquidation cascade which liquidated $103 million in crypto assets. This week, the price of DAI increased to $1.3 on Coinbase. The stablecoin’s unexpected volatility resulted in a majority of users losing their money.
Apart from the Uniswap founder commenting that his oracles prevented even a bigger liquidation, Chainlink CEO Sergey Nazarov decided to warn developers about the need for oracle flexibility. On his Twitter, Nazarov asked protocols to not use single sources for prices. Moreover, he linked a Chainlink blog post that discusses the importance of oracle flexibility.
As repeated by ChainLinkGod, his favorite project’s price feeds would completely erase the potential of another exploit.
Since the decentralized oracle provider uses multiple nodes to fetch price data in a single oracle network, it is impossible to report inaccurate prices. If Compound used the already existing Chainlink price feed for DAI/USD, the exploit would have never had happened.
However, Andre Cronje did not seem to like the wave of comments regarding Chainlink’s oracles. Cronje hid the comments made by ChainLinkGod using Twitter’s features.
While no one knows why the developer did that, we suspect that Cronje was most likely frustrated by the comments that discussed the recent Compound exploit.